Gold Fields Baa3 credit rating outlook to positive
Johannesburg, 8 September
2011: Moody's Investor Services ("Moody's") today announced a
change to Gold Fields Limited ("Gold Fields") (JSE, NYSE, NASDAQ
Dubai: GFI) Baa3 rating outlook to positive from stable.
Moody's said: "The
change in outlook was mainly prompted by Gold Fields' continued progress in
terms of further diversifying its production and EBITDA geographically and
becoming less dependent on South Africa combined with our increased
expectation that the company would also be able to maintain its conservative
leverage of Net Debt to EBITDA below 1 time and positive free cash flow
generation, even in a much lower gold price environment."
Since March 2009, Standard
& Poor's Ratings Services ("S&P") has maintained an
investment grade rating on Gold Fields of BBB- with a stable outlook.
Paul Schmidt, Chief
Financial Officer of Gold Fields said: "We are pleased with the change
in the rating outlook to positive by Moody's. The change acknowledges Gold
Fields increasing international diversification, solid operating margins, low
financial gearing and conservative financial policy as well as our robust
cash flow generation. We remain committed to maintaining our investment